The annual inflation, as measured by the Consumer Price Index (CPI), rose to 7.7 percent in September from 7.3 percent in August, according to the Central Statistical Office (CSO), with an increase in food prices having a huge bearing in the upward movement of the inflation.


“The increase was mainly attributed to both and non-food items. This means that on average prices increased by 7.7 percent between September 2014 and September 2015,” John Kalumbi, the statistics agency’s director told reporters during a monthly briefing.

The annual food inflation rate for September was recorded at 8.1 percent compared to 7.8 percent recorded the previous month while the annual non-food inflation rate for September increased to 7.3 percent from 6.7 percent recorded in August, he added.

The official said the annual inflation rate was edging up to last year’s figures when it was recorded at 7.8 percent in September 2014 and 8.1 percent in November.

“Last year, the levels of inflation were so high compared to this year but it is like we are now nearing to last year’s levels. From this, we can measure how the inflation is going to end since we only have three months before the end of the year,” he said.

In the 2015 budget, Minister of Finance Alexander Chikwanda had projected to attain a year-end inflation of 7.0 percent.

Zambia has seen the price of products and services increasing in recent weeks following the depreciation of the local currency, the kwacha due to a decline in copper prices on the international market which accounts for over 70 percent of the country’s foreign exchange earnings. The exchange rate has now hit 10 Zambian Kwacha to a U.S dollar. Enditem

Source: Xinhua


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